MIXED MODELS FOR RISK AVERSION, OPTIMAL SAVING, AND PRUDENCE

Irina Georgescu and Jani Kinnunen
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Jani Kinnunen: Institute for Advanced Management Systems Research

Fuzzy Economic Review, 2016, vol. 21, issue 2, 47-70

Abstract: The models of this paper refer to mixed risk situations: one parameter is a fuzzy number and the other is a random variable. Three notions of mixed expected utility are proposed as a mathematical basis of these models. The results of the paper describe risk aversion and prudence of an agent in front of a risk situation with mixed parameters and the changes of optimal saving as an effect of mixed risk.

Keywords: optimal saving; prudence; precautionary saving; mixed expected utility; mixed risk averse agent; fuzzy number; possibility theory (search for similar items in EconPapers)
JEL-codes: C61 D81 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:fzy:fuzeco:v:21:y:2016:i:2:p:47-70

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